In 2021, TVL leaders were spread across DEXs, CDPs, and yield aggregators: Driven by active trading and yield farming.
By 2025, TVL is concentrated in lending, liquid staking, and restaking protocols.
The shift shows DeFi moving from activity-heavy apps to balance-sheet infrastructure, where capital stays parked and productive for longer periods.
DeFi is maturing.
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Top 10 Dapps by TVL: 2021 vs 2025
In 2021, TVL leaders were spread across DEXs, CDPs, and yield aggregators: Driven by active trading and yield farming.
By 2025, TVL is concentrated in lending, liquid staking, and restaking protocols.
The shift shows DeFi moving from activity-heavy apps to balance-sheet infrastructure, where capital stays parked and productive for longer periods.
DeFi is maturing.